Adani Power, a part of Gautam Adani-led business conglomerate, is all set to sell 337.7 million shares through Initial Public Offer (IPO) with the Indian firm approaching the market regulator SEBI for approval of its plans.

The company is encouraged by recent improvement in stock market conditions in the midst of global financial crisis which plunged the stock market earlier before few months.

The Punjab National Bank, country’s second major public sector lender, recorded 86% surge in net profit for the three month period ended December 31, 2008 

The bank has posted a net profit at Rs 1,006 crore for the quarter ended December 31, 2008 against Rs 541 crore for the same quarter previous year.

According to sources, the bank has registered a 51% surge in total income at Rs 6,240 crore for the quarter as compared to Rs 4,119 crore in the corresponding quarter a year ago.

Chennai-based state-run lender Indian Overseas Bank (IOB) has announced that it has entered into a joint venture with Bank of Baroda and Andhra Bank with the aim to start operations in Malyasia.

The new joint venture is expected to start operations by end of fiscal 2009.
 
In the new joint venture IOB will own 30% stake while Bank of Baroda and Andhra Bank will acquire 40 and 30 per cent respectively.

Tata Power Company, a leading power major, has clocked phenomenal decline in standalone net profit for the three month period ended December 2008.

During the quarter, the profit of the company slashed 48.76% to Rs 1,010.80 million against Rs 1,972.80 million in the same quarter of previous fiscal.

Net sales grew 25.18% to Rs 17,768.70 million, while total income rose 24.78% to Rs 18,228.70 million for the quarter ended December 2008 against with the prior year period.

Future Capital Holdings, wing of Pantaloon Retail India, has revealed that it has take over 100 percent equity stake in Black Diamond Finance.

Black Diamond Finance is a non banking finance conglomerate (NBFC) registered with the Reserve Bank of India (RBI). 
 
According to sources, with effect from Jan. 02, 2009, Black Diamond Finance has become a wholly owned arm of Future Capital.

Incorporated in 2005, Future Capital Holdings is a non-banking financial conglomerate.

Pharmaceutical major Strides Acrolab has announced that it has received regulatory sanction for two of its drugs used in the treatment of potentially life-threatening infections.

According to sources, the conglomerate has got approval from US Food and Drug Administration for Sterile Vancomycin in two different capacities.

The products are licensed to Akron-Strides LLC, which is a joint venture between Akron Inc and Strides Arcolab.

Bharat Heavy Electricals (BHEL) has announced that it has been awarded Rs 50.40 billion contract by Jindal Power for constructing 2,400 megawatt power plant in Chhattisgarh.

Under the said contract, BHEL would install four units of 600 megawatt each in O P Jindal super thermal power plant situated at Raigarh in Chhattisgarh.

The major activity of BHEL in the contract entails designs, engineering, manufacture, supply and erection of boilers, turbines, generators and associated auxilliary.

Falling demand has forced South Korean car maker Hyundai Motor Company to cut its production in India from next week.

Speaking to media-persons after opening a new showroom here, Hyundai Motor India managing director H S Lheem said the first quarter sales in 2009 was likely to be weak and the demand is likely to pick up only during the second half.

He said the company would go for a two-shift production instead of three shifts.

Ceat Ltd, India’s leading tyre maker, announced that it has temporarily closed its plants situated at Bhandup and Nashik in Maharashtra.

According to sources, the conglomerate has temporarily suspended its Maharashtra units to avoid inventory pile-up.

Company’s Bhandup plant will remain closed from Dec 26 to Dec 28, and Nashik plant will follow the shut down from Dec 25 to Dec 31.

According to company officials, during shut period, the proposed plants will continue routine maintenence operations.

To entice its users Finnish giant Nokia has once again come up with its luxury phone christened Gold Arte 8800.

Coated in 18-carat gold, this newly launched slider phone comes packed with astonishing features which includes 2.0-inch QVGA OLED display delivering 240×320 pixel resolution, 3.2-megapixel autofocus camera with 8x digital zoom, CMOS sensor.

To draw customers, this gold plated handset also features 4GB of internal storage memeory, a USB 2.0 port and the Opera Mini Web browser.